USD/JPY Live News

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Jul. 6, 2022

After three consecutive days of gains, Dollar/Yen is down 59 pips today

Live - Updated 43 minutes ago.

Dollar/Yen is range-bound between 135.03 and 135.88 today after shedding 59 pips and closing at 135.8 yesterday.

Meanwhile, beating their previous number of 0.239, Japan 10-Year JGB Auction released 0.248 yesterday at 3:35 AM. Japan Services PMI (Jun) is released with a new figure of 54, this is down from preceding data of 54.2. Data for United States Factory Orders (MoM) (May) released yesterday at 2:00 PM comes out at 1.6, beating projections of 0.5 and showing improvement over the preceding figure of 0.7.

Trend-focused traders would be interested to note that USD/JPY made an initial break below its 21 day Simple Moving Average at 135.19, a possible indication of a forthcoming negative trend. Chart analysis indicates the nearest support level is at 132.3.

Looking forward, Dollar/Yen is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other pairs as Euro-Dollar is currently exploring fresh lows at 1.0226, last seen around 5 years ago.

Though Dollar/Yen has been dropping, other pairs have been performing better: USD/SGD traded above the significant 1.4 level for the first time in 2 years. US Dollar-Canadian Dollar jumped by 1.64% (13 pips), its largest single-day percentage gain since June 2020.

The market will keep its eye on the following upcoming macroeconomics indicators: Japan Household Spending (YoY) (May) is projected to rise to 2.1, beating the previous -1.7 figure. Official data is expected tomorrow at 11:30 PM. Japan's new Current Account n.s.a. (May) data will be available tomorrow at 11:50 PM. Data is expected to decline to 186 billion from its previous value of 501 billion. Japan Household Spending (MoM) (May) is expected to come out at 0.8 when it's released tomorrow at 11:30 PM, this is a decline from the preceding data which was one.

The past 3 months have been positive for Dollar/Yen as it added 9.83% compared to its 3-month low of 109.03.

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Week to date

Dollar/Yen is trading at 135.2 .

Trading week at a glance - USD/JPY is up to 135.2, after closing yesterday at zero. Overall, a 0% move or 13,519 pips this week. (Trade Dollar/Yen with FXTM now).

Dollar/Yen's upside takes place amid mixed market indicators — following a previous reading of 14, Tankan Large Manufacturers Index (Q2) in Japan released Thursday fell short of the 13 figure expected by analysts with an actual reading of nine. Japan Tankan Large Non-Manufacturers Index (Q2) released earlier shows an improvement to 13 from the preceding data of nine, but falls short of the projected 14.

Meanwhile, Japan 10-Year JGB Auction released yesterday at 3:35 AM with a figure of 0.248, which is better than its previous number of 0.239. Japan Services PMI (Jun) released yesterday at 12:30 AM with a figure of 54, while the previous figure was 54.2. Released Friday, Japan's CFTC JPY speculative net positions showed an uptick at -52,600, up from the previous number of -58,500.

Outlook for rest of the week: The market is looking forward to the release of new data: Japan Household Spending (YoY) (May) is projected to rise to 2.1, beating the previous -1.7 figure. Official data is expected tomorrow at 11:30 PM. Japan's new Current Account n.s.a. (May) data will be available tomorrow at 11:50 PM. Data is expected to decline to 186 billion from its previous value of 501 billion. Japan Household Spending (MoM) (May) is expected to come out at 0.8 when it's released tomorrow at 11:30 PM, this is a decline from the preceding data which was one.